Terms Used In Wisconsin Statutes > Chapter 405

Acquire: when used in connection with a grant of power to any person, includes the acquisition by purchase, grant, gift or bequest. See Wisconsin Statutes 403.504

Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC

Contract: A legal written agreement that becomes binding when signed.

Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

Decedent: A deceased person.

Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.

Executor: A male person named in a will to carry out the decedent

Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC

Fraud: Intentional deception resulting in injury to another.

Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

Personal representative: means a person, however denominated, who is authorized to administer a decedent's estate. See Wisconsin Statutes 403.504

Quorum: The number of legislators that must be present to do business.

Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC

Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.

Statute: A law passed by a legislature.

Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.

Trustee: A person or institution holding and administering property in trust.

Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC